When can I buy after a short sale?

Wondering when you can qualify for a home after a short sale? If you are like most people who got caught in the market crash, or had a significant downturn with your finances, and had to short sale; here are some guidelines to help you with your future buying plans. I highly suggest that you talk with a lender as soon as you’re thinking about getting back into the market. A lender will go over your credit report to make sure there are no mistakes and give you suggestions on correcting or improving your credit score.

Waiting periods are based on the loan guidelines with what lender your go with. Most loans are sold to Freddie Mac and Fannie Mae, and if so, your situation would have to conform to their lending guidelines. Below are their guidelines. You would be able to buy sooner if you use a portfolio lender as they do not usually sell their loans out to Freddie and Fanny. In order to qualify, you would need to provide a real hardship for the portfolio loan product. If you want suggestions for portfolio lenders, feel free to give me a call and I will help you find one.